SWEET ESSENTIALS: Middleton and Chan Appointed as LiquidatorsTELECOMMUNICATIONS NETWORK: Seng and Lo Step Down as LiquidatorsTONI & GUY: Court to Hear Wind-Up Petition on March 10UNITECH PRECISION: Creditors' Proofs of Debt Due February 23XIJIANG DEVELOPMENT: Court to Hear Wind-Up Petition on Feb. 17

ALCHEMY HOTELS: Calls In Voluntary Administrators-------------------------------------------------Alchemy Hotels Management was placed into voluntary administrationon January 6 due to financial difficulty, The Sydney MorningHerald reports. Alchemy is the leaseholder of two Newcastlehotels, M.J. Finnegan's Irish Pub and the Premier Hotel.

Alchemy's collapsed is believed to have hit listed pub fund INGReal Estate Entertainment Fund, which is owed $340,000 in rent.

The report, citing ING REEF spokeswoman Johanna Keating, says thefund had given the two hotels a rent holiday last May.

According to the Herald, ING has not previously revealed the sizeof the Alchemy rent holiday to the market, having told theAustralian Securities Exchange only that Alchemy, Club Swans andthe Courthouse Hotel in Cairns were facing "cashflow pressures"and would be paying lower rents "in the short term."

Ms. Keating said ING REEF was confident it would not be out ofpocket because the administrator of Alchemy would continue to payrent during his appointment, according to the Herald. Alchemy'sbankers had also guaranteed the AU$340,000, she said.

The two hotels leased by Alchemy are valued at a combined AU$8.2million in ING's accounts. In 2008, they were worth AU$14.4million.

After considering third quarter trading conditions the company isexpecting to encounter, the company's board has appointed GeorgeDivitkos and Russell Henry Heywood-Smith of BDO Kendalls (SA) asjoint administrators of the company and its subsidiaries,Australian Commercial Wines Pty Ltd, Cockatoo Ridge Sales Pty Ltd,Cockatoo Ridge Pty Ltd and Playford Wine Holdings Pty Ltd.

Cockatoo Ridge said the company and its subsidiaries are "likelyto become insolvent in the third quarter".

About Cockatoo Ridge

Based in Melbourne, Australia, Cockatoo Ridge Wines Limited(ASX:CKR) -- http://www.cockatooridge.com.au/-- is engaged in the distribution of bottled and bulk wine within Australia andoverseas. CKR produces and sells Australian table and sparklingwines domestically through an Australia-wide distributionagreement and abroad, with a focus on Western Europe and Asianmarkets. The company operates in three segments: packaged wine,this includes the bottling and packaging of wine into the variouslabels under the CKR control for sale in Australia and overseas;bulk wines, after the crushing and processing of grapes at theMonash winery bulk wines sales are made to customers in Australiaand overseas, and other, which includes storage and processingfees for the use of facilities in Barossa Valley and Monashwinery. CKR's subsidiaries include Cockatoo Ridge Pty Ltd,Cockatoo Ridge Sales Pty Ltd, Cockatoo Ridge IP Pty Ltd, PlayfordWine Holdings Pty Ltd, International Vintners (Europe) Ltd andAustralian Commercial Wines Pty Ltd.

CONNECTOR MOTORWAYS: Calls In Kordamentha as Receivers------------------------------------------------------Connector Motorways Pty Ltd., the owner and operator of Sydney'sLane Cove Tunnel and the Military Road E-Ramp, has been placed inreceivership, The Sydney Morning Herald reports.

According to the report, Martin Madden and David Merryweather ofKordaMentha said they had been appointed receivers and managers toConnector on Wednesday by the security trustee, BTA InstitutionalServices Australia Ltd.

The report relates Mr. Madden said the receivers did not intend tomake any significant operational changes and would work closelywith management, the Roads and Traffic Authority (RTA), and theNSW government to secure a long-term sustainable business for theLane Cove Tunnel.

"In the meantime, the tunnel and the Military Road E-Ramp willcontinue to operate as usual," the report quoted Mr. Madden assaying.

As reported in the Troubled Company Reporter-Asia Pacific onSeptember 30, 2009, Bloomberg News said backers of Sydney's LaneCove Tunnel face losses of almost AU$1 billion (US$873 million)after the asset was put up for sale.

Leighton Holdings Ltd., Mirvac Group and Hong Kong's Li Kashinghave written off all their equity in the motor-tunnel project, andlenders also are expected to take large losses, according toBloomberg.

Bloomberg said weak traffic numbers left the owners unable to meetdebt repayments on the tunnel, which cost some AU$1.6 billion tobuild.

According to the report, the creditors, many of them smallbusiness operators around the Gold Coast, are being offered justAU$280,000 for the AU$16.4 million they are owed.

Retrenched employees will however receive their full entitlementsto superannuation and holiday pay, the report says.

Mr. Nichol says the group's administrators have recommendedcreditors accept the payout offer, or face the prospect ofreceiving a zero return should the company be placed intoliquidation.

Creditors are scheduled to vote on a deed of company arrangement(DOCA) for five of the 13 companies within the Riviera group inBrisbane on Friday, January 22.

The remaining eight companies, including the flagship RivieraGroup Pty Ltd., are not considered worth saving and will beliquidated, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific onMay 12, 2009, Riviera Group was placed into voluntaryreceivership. Deloitte partners Chris Campbell, VaughanStrawbridge and Richard Hughes were appointed receivers andmanagers of Riviera. According to the Brisbane Times,Mr. Campbell said the company's sales over the past 12 months hadbeen "significantly impacted" by the global financial crisis. Itwas proposed to sell Riviera as a going concern after arestructuring of the company, he said. The Brisbane Times saidRiviera shed 117 of its Gold Coast staff in January and cut morethan 300 staff from its Coomera headquarters in 2008. The companyalso closed its production line for three weeks, from April 10 toMay 5, in a bid to clear stock held by international dealers, theBrisbane Times added.

PECONIC INDUSTRIAL: Court to Hear Wind-Up Petition on March 10--------------------------------------------------------------A petition to wind up the operations of Peconic IndustrialDevelopment Limited will be heard before the High Court of HongKong on March 10, 2010, at 9:30 a.m.

PLUS INTERNATIONAL: Creditors' Proofs of Debt Due February 12-------------------------------------------------------------Creditors of Plus International Procurement Limited, which is inmembers' voluntary liquidation, are required to file their proofsof debt by February 12, 2010, to be included in the company'sdividend distribution.

REDCHIP INT'L: Members' and Creditors Meetings Set for February 5-----------------------------------------------------------------Members and creditors of Redchip International Limited will holdtheir annual meetings on February 5, 2010, at 10:00 a.m., and10:30 a.m., respectively at 29/F, Caroline Centre, Lee GardensTwo, 28 Yun Ping Road, in Hong Kong.

At the meeting, Cheng Yung Ngai Kenneth, the company's liquidator,will give a report on the company's wind-up proceedings andproperty disposal.

REGAL FILMS: Creditors' Proofs of Debt Due February 1-----------------------------------------------------Creditors of Regal Films Company Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby February 1, 2010, to be included in the company's dividenddistribution.

REGIONAL SERVICES: Gordon Steps Down as Liquidator--------------------------------------------------Christopher David Ian Gordon stepped down as liquidator ofRegional Services Limited on December 30, 2009.

RITCHIE CAPITAL: Members' Final Meeting Set for February 17-----------------------------------------------------------Members of Ritchie Capital Management (Hong Kong) Limited, whichis in members' voluntary liquidation, will hold their finalmeeting on February 17, 2010, at 10:00 a.m., at 7th Floor,Alexandra House, 18 Chater Road, Central, in Hong Kong.

At the meeting, Philip Brendan Gilligan, the company's liquidator,will give a report on the company's wind-up proceedings andproperty disposal.

SHIMAO PROPERTY: Consent Solicitation Won't Move Fitch's Ratings----------------------------------------------------------------Fitch Ratings has said that Shimao Property Holdings Limited's('BB+'/Stable) announcement of a consent solicitation exercise torelax a number of covenants for its senior floating rate notes due2011 and 8% senior notes due 2016 has no immediate impact on itsratings.

The amendments proposed by Shimao are related to lowering thecoverage ratio requirement and increasing flexibility for futurefinancing. The latter amendments are similar to the covenants ofbonds issued by other Mainland Chinese property developers. InFitch's view, these amendments are not significant and do notsignal a shift in the business strategy of Shimao but will providethe issuer with more flexibility to raise financing, especially inthe on-shore market. However, Fitch will continue to monitorShimao's debt levels and will take the appropriate rating actionif there is a material increase.

Shimao's Long-term Issuer Default Rating continues to beconstrained by its concentration in the business of propertydevelopment and the unpredictability of China's regulatoryenvironment for the sector. However, Shimao's large and well-located land bank, its sound profit margins, and demonstratedfinancial discipline during the downturn are supporting factorsfor its 'BB+' rating.

SHIMAO PROPERTY: Consent Solicitation Won't Affect S&P's BB Rating------------------------------------------------------------------Standard & Poor's Ratings Services said that its ratings andoutlook on Shimao Property Holdings Ltd. (BB/Stable/--) are notaffected by solicitation of consent to amend certain bondcovenants of the company's US$250 million senior unsecuredfloating rate notes due 2011 and its US$350 million 8% seniorunsecured note due 2016. The 'BB-' issue rating on this debtconsiders subordination risks due to priority debt being above 15%of total assets. S&P understand that Shimao is currently incompliance with its bond covenants. S&P expects the considerationfor the covenant amendment to have a limited impact on thecompany's liquidity. In S&P's view, the amendments will giveShimao additional financial flexibility; the company and itssubsidiaries could take on additional debt.

S&P reiterates that the ratings on Shimao could be lowered if: (1)debt-funded expansions are more aggressive than S&P had expected;and (2) total debt to EBITDA rises above 5x, EBITDA interestcoverage falls below 3x, and free cash falls below Chineserenminbi 2 billion. S&P could likely raise the ratings ifShimao's credit metrics improve materially on a sustained basisand the company demonstrates discipline in its expansion plan.

The proposed amendments include (a) fixed charge cover for debtincurrence changed to 3.0x from 3.5x; (b) purchase moneyindebtedness increased to 30% from 20% of total assets; (c) addinga new category of permitted indebtedness -- those secured by thecompany's investment properties and hotels up to a maximum of 50%of the appraised value; and (d) allowing subsidiaries to providecorporate guarantees and share pledges in proportion of its stakein joint ventures.

"The change in covenants provides flexibility for Shimao to raiseadditional debt funding to support its business growth, especiallyin its investment property portfolio," says Peter Choy, a Moody'sVice President & Senior Credit Officer.

"As a result, Moody's expect a moderate increase in Shimao'sleverage in the next 1-2 years, and which has been incorporated inthe current Ba3 corporate family rating. Moody's also expectShimao to maintain its track record of issuing equity to fund itsgrowth and maintaining gross debt to total capitalization of below50%," says Choy.

"Should Shimao adopt a more aggressive debt-funded growth strategy-- such that its leverage exceeds 50% for an extended period --its ratings will be under pressure," Choy adds.

"The covenant amendment also offers Shimao the flexibility toraise secured debt at its subsidiaries and joint ventures. Ifsuch debt is increased to a material level, the bond rating wouldpotentially be notched down further to reflect the increased risksof structural and legal subordination," says Choy.

Moody's last rating action with regard to Shimao was taken on 5October 2009 when the outlook of its corporate family and seniorunsecured debt ratings was changed to stable from negative.

Shimao Property Holdings Ltd is incorporated in Grand Cayman andwas listed on the Hong Kong Stock Exchange in July 2006. It has45 projects in China in 27 cities, mainly located in Shanghai,Beijing, the Yangtze River Delta and the Bohai Rim.

SMILE TRADE: Placed Under Voluntary Wind-Up Proceedings-------------------------------------------------------At an extraordinary general meeting held on January 7, 2010,members of Smile Trade Investment Limited resolved to voluntarilywind up the company's operations.

SURE BRIGHT: Court to Hear Wind-Up Petition on February 24----------------------------------------------------------A petition to wind up the operations of Sure Bright Limited willbe heard before the High Court of Hong Kong on February 24, 2010,at 9:30 a.m.

SWEET ESSENTIALS: Middleton and Chan Appointed as Liquidators-------------------------------------------------------------Edward Simon Middleton and Chan Mei Lan on January 5, 2010, wereappointed as liquidators of Sweet Essentials Limited.

TONI & GUY: Court to Hear Wind-Up Petition on March 10------------------------------------------------------A petition to wind up the operations of Toni & Guy (InterContinental) Limited will be heard before the High Court ofHong Kong on March 10, 2010, at 9:30 a.m.

UNITECH PRECISION: Creditors' Proofs of Debt Due February 23------------------------------------------------------------Creditors of Unitech Precision (H.K.) Limited, which is inmembers' voluntary liquidation, are required to file their proofsof debt by February 23, 2010, to be included in the company'sdividend distribution.

XIJIANG DEVELOPMENT: Court to Hear Wind-Up Petition on Feb. 17--------------------------------------------------------------A petition to wind up the operations of Xijiang DevelopmentCompany Limited will be heard before the High Court of Hong Kongon February 17, 2010, at 9:30 a.m.

The ratings reflect AF's weak financial risk profile, and exposureto risks relating to low capacity utilization, and fragmentednature of the iron castings industry. These weaknesses arepartially offset by the firm's established track record in thecastings industry.

Outlook: Stable

CRISIL believes that the AF will continue to benefit from itspromoters' track record in the castings industry. The outlook maybe revised to 'Negative' if AF's debt servicing ability financialrisk profile weakens due to sharp decline in accruals,deterioration in the liquidity position, or if the firm undertakesany large debt-funded capital expenditure programmes. The outlookmay be revised to 'Positive' if AF's financial risk profileimproves led by fresh equity infusion and improvement inutilization of capacities and profitability.

About Ammarun Foundries

Set up in 1991 as a partnership firm by Mr. N Visvanathan and hisfamily members, AF manufactures grey and ductile iron castings.The foundry is based out of Coimbatore, Tamil Nadu and caters tocustomers from various industries such as the automotive, motorand pump, tractor, valve, textile, and general engineeringindustries. It has production capacity of 2000 tonnes per month.

AF reported a profit after tax (PAT) of INR6.4 million on netsales of INR501 million for 2008-09 (refers to financial year,April 1 to March 31), as against a PAT of INR1.2 million on netsales of INR474 million for 2007-08.

CRISIL believes that AMPL will maintain its business risk profileon the back of its market position and promoters' industryexperience. The outlook may be revised to 'Positive' if AMPLgenerates healthy accruals, backed by higher capacity utilization,on a sustained basis, thereby leading to improvement in itscapital structure. Conversely, the outlook may be revised to'Negative' if AMPL undertakes a large, debt-funded capitalexpenditure programme, or if its cash accruals decline steeply,leading to deterioration in its financial risk profile.

About ARS Metals

Incorporated in 1992, AMPL is a closely held company promoted byMr. Ashwani Kumar Bhatia. It manufactures thermo-mechanicallytreated (TMT) rods and bars from ingots. Its rolling mill has acapacity to manufacture up to 108,000 tonnes per annum (tpa) ofTMT rods and bars, and its furnace division has a capacity tomanufacture up to 45,000 tpa of ingots. Its facilities arelocated in Gummidipoondi, Tamil Nadu. The company is undertakinga project, with a capacity to manufacture up to 108,000 tpa ofbillets for captive consumption; the project is expected to startcommercial production in February 2010.

AMPL reported a profit after tax (PAT) of INR17 million on netsales of INR1.49 billion in 2008-09 (refers to financial year,April 1 to March 31), against INR24 million and INR1.47 billion,respectively, for the previous year.

CAV COTTON: CRISIL Reaffirms 'D' Ratings on Various Bank Debts--------------------------------------------------------------CRISIL's ratings on the bank facilities of CAV Cotton Mills Ltd,which is part of the Sangeeth group, continue to reflect thedelays in the payment of term loan installments and interestpayments, and frequent devolvement in letter of credit facilitiesbecause of stretched liquidity, by the Sangeeth group companies.

For arriving at the ratings, CRISIL has combined the business andfinancial risk profiles of CAV Cotton Mills Ltd, Sangeeth TextilesLtd, Shri Mookambiga Spinning Mills Ltd, and Sri Vasudeva TextilesLtd, collectively referred to as the Sangeeth group. This isbecause all group companies are engaged in the same line ofbusiness, have close intra-group operational and financiallinkages, including fungible cash flows, and are under a commonmanagement.

About the Group

Based in Coimbatore, the Sangeeth group manufactures and trades incotton and melange yarn. The group has a total installed capacityof 128,552 spindles and 2208 rotors. It also has 51 windmills inTamil Nadu, with a combined installed capacity of 20.4 megawatts.CAV Cotton Mills Ltd was founded in 1987.

For 2008-09 (refers to financial year, April 1 to March 31), thegroup reported a profit after tax (PAT) of INR118 million on netsales of INR1.88 billion, against a PAT of INR42 million on netsales of INR1.73 billion for the previous year.

"We plan to focus extensive development resources on growing ourpresence in India, which now stands at 28 hotels," said Stephen P.Joyce, the company's president and chief executive officer."India is an extremely important key market for our global growthand we're looking forward to the great development potential thatit holds for our brands and our hotels."

Choice Hospitality India is part of Choice Hotels International,one of the largest and most widespread lodging franchisors of theworld with over 6000 hotels across the globe. Choice HospitalityIndia is one of the fastest and finest growing hotel chains with28 properties in over 21 destinations in India and another 14properties under different stages of development. These hotelsare in various destinations including New Delhi, Mumbai, Chennai,Ahmedabad, Bangalore, Gurgaon, Hyderabad, Jaipur, Kodaikanal,Lucknow, Faridabad, Amritsar, Shimla, Manali, Corbett, Pune,Nashik, Haldwani, Chiplun, Tuticorin and Vijayawad. Its presencein all the gateway cities proves that the chain is widely acceptedby business as well as leisure travelers who recognize and trustthe brand.

About Choice Hotels

Silver Spring, Maryland-based Choice Hotels International, Inc.(NYSE: CHH) -- http://www.choicehotels.com/-- franchises more than 6,000 hotels, representing more than 485,000 rooms in theUnited States and more than 35 other countries and territories. Asof September 30, 2009, more than 700 hotels are underconstruction, awaiting conversion or approved for development inthe United States, representing more than 59,000 rooms, and morethan 100 hotels, representing approximately 9,400 rooms, are underconstruction, awaiting conversion or approved for development inmore than 20 other countries and territories. The company'sComfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, CambriaSuites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodgeand Rodeway Inn brands serve guests worldwide. In addition, viaits Ascend Collection membership program, travelers in the UnitedStates, Canada and the Caribbean have upscale lodging options athistoric, boutique and unique hotels.

As of September 30, 2009, the Company had total assets of$353,028,000 against total liabilities of $485,938,000, resultingin stockholders' deficit of $132,910,000. The September 30balance sheet also showed strained liquidity: The Company hadtotal current assets of $135,813,000 against total currentliabilities of $149,231,000.

GENOM BIOTECH: CRISIL Rates INR50MM Long Term Loan at 'B'---------------------------------------------------------CRISIL has assigned its ratings of 'B/Stable/P4' to the bankfacilities of Genom Biotech Pvt Ltd.

The ratings reflect Genom Biotech's exposure to risks relating togeographic concentration in revenues and large working capitalrequirements. These weaknesses are partially offset by thecompany's established presence in the pharmaceutical formulationsbusiness.

Outlook: Stable

CRISIL believes that Genom Biotech will maintain its business riskprofile on the back of its established position in theformulations business, especially in the Ukraine market. Theoutlook may be revised to 'Positive' if the company is able tosignificantly improve its debtor's realization and demonstratesignificant growth in revenues and net cash accruals, whilediversifying in to other markets. Conversely, the outlook may berevised to 'Negative' in case of further deterioration in debtorsposition, leading to increased working capital related borrowings,resulting in further weakening of gearing and debt protectionmeasures.

About Genom Biotech

Genom Biotech, promoted by Mr. Binod Kumar, is a manufacturer andexporter of pharmaceutical formulations. Exports to Ukraineaccount for around 90 per cent of its revenues. The companymanufactures tablets, capsules, injectibles, liquids, syrups andointments for various therapeutic segments such as respiratory andanti-allergy, anti-hypertension, antibacterial, analgesic, anti-allergics, haematinics and vitamins. The company has twomanufacturing facilities in Sinnar near Nasik, Maharashtra. Boththe units have export-oriented unit status.

Genom Biotech reported a profit after tax (PAT) of INR195 million(includes foreign exchange gain of INR73.67 million) on net salesof INR574 million for 2008-09 (refers to financial year, April 1to March 31), against a PAT of INR52.3 million on net sales ofaround INR570 million for 2007-08.

The rating reflects Kandukuri's below-average financial riskprofile, and exposure to risks relating to intense competition inthe textiles industry. These rating weaknesses are partiallyoffset by the benefits that Kandukuri receives from itsdiversified product mix and promoters' experience in the textileindustry.

Outlook: Stable

CRISIL believes that Kandukuri will maintain a stable credit riskprofile aided by its diversified product mix, and its operationalcapabilities. The outlook may be revised to 'Positive' if thecompany's gearing improves, backed by equity infusions from thepromoters or if it's operating margins and realizations increaseleading to improvement in its financial risk profile. Conversely,the outlook may be revised to 'Negative' if the financial riskprofile weakens considerably, as a result of unanticipated debt-funded capital expenditure, or significant delays in therealisations of its receivables.

Set up in 1995, Kandukuri (formerly, Kandukuri Garments Pvt Ltd)weaves fabrics and manufactures readymade garments primarilymenswear. Further, the company runs Kandukuri Hospitals, a 100-bedhospital specialising in orthopaedic trauma care and women care inKavali (Andhra Pradesh), empanelled under the 'Rajiv ArogyasriScheme' of the Andhra Pradesh state government.Kandukuri hasmanufacturing capacity of 375,000 pieces per month in the readymade garment division and has 16 power looms in weaving division.

Kandukuri reported a profit after tax (PAT) of INR8.20 million onnet sales of INR214.66 million for 2008-09 (refers to financialyear, April 1 to March 31), as against a PAT of INR3.98 million onnet sales of INR199.44 million for 2007-08.

KARLE INTERNATIONAL: CRISIL Puts 'BB' Rating on INR335MM Term Loan------------------------------------------------------------------CRISIL has downgraded its rating on the long-term bank facilitiesof Karle International Pvt Ltd., part of the Karle group, to'BB/Stable' from 'BB+/Stable'.

The rating downgrade reflects the significant deterioration inKarle International's financial risk profile because of conversionof a large part of the partner's capital into unsecured loans frompromoters, following the incorporation of Karle International froma partnership firm. The downgrade also reflects CRISIL's beliefthat the Karle group's financial risk profile will remain weakover the medium term, given the group's high gearing and moderatedebt protection measures.

The ratings also reflect the Karle group's customer concentrationin revenue profile. These rating weaknesses are partially offsetby the group's strong track record and global clientele, and itsintegrated operations with efficient supply-chain management.

For arriving at its ratings, CRISIL has combined the business andfinancial risk profiles of Karle International, and LT Karle andCompany (LTK), together referred to as the Karle group. This isbecause the two entities are in the same line of business, havemutual operational linkages, including fungible cash flows.

Outlook: Stable

CRISIL believes that the Karle group will continue to benefit fromits market position and the healthy growth prospects in thereadymade garment industry. The outlook may be revised to'Positive' if the group improves and sustains its operating marginand capital structure, or significantly diversifies its clientprofile. Conversely, pressure on the group's profitability anddebt protection metrics, or fresh, large, debt-funded capitalexpenditure by the group, may lead to a revision in the outlook to'Negative'.

About the Group

The Karle group was promoted in 1972 as a fabric-exporting unit bythe late Mr. L T Karle; later on, his sons took over the businessof the group. The group has expanded into the manufacture ofreadymade garments, with four manufacturing units in Bengaluru;the group has capacity to manufacture around 440,000 pieces ofgarments per month.

The Karle group reported a profit after tax (PAT) of INR38.2million on net sales of INR2.02 billion for 2008-09 (refers tofinancial year, April 1 to March 31), against a PAT of INR44million on net sales of INR1.2 billion in 2007-08.

For arriving at its ratings, CRISIL has combined the business andfinancial risk profiles of LTK and Karle International Pvt Ltd,together referred to as the Karle group. This is because the twoentities are in the same line of business, and have mutualoperational synergies, including fungible cash flows.

About the Group

The Karle group was promoted in 1972 as a fabric-exporting unit bythe late Mr. L T Karle; later on, his sons took over the businessof the group. The group has expanded into the manufacture ofreadymade garments, with four manufacturing units in Bengaluru;the group has capacity to manufacture around 440,000 pieces ofgarments per month.

The Karle group reported a profit after tax (PAT) of INR38.2million on net sales of INR2.02 billion for 2008-09 (refers tofinancial year, April 1 to March 31), against a PAT of INR44million on net sales of INR1.2 billion for 2007-08.

NEELKANTH TOWN: ICRA Assigns 'LBB' Rating on INR500MM Term Loan---------------------------------------------------------------ICRA has assigned an 'LBB' rating to the INR500.0 million termloan and INR25.0 million non-fund based limits of Neelkanth TownPlanners Private Limited. The outlook on the rating is stable.

The rating factors in the attractive location of the project, lowapproval risk and the fact that a large part of the projectfunding has been tied up. The rating is, however, constrained byNKTP's limited track record in the real estate sector which alongwith the fact that the project is in construction phase leads toexecution risks. Moreover, considering the sluggish real estatedemand NKTP is exposed to market risk in its un-booked area whichcan increase the funding requirement of the project as a part ofconstruction cost is planned to be met from customer advances.

Incorporate in September 1995, NKTP is promoted by Mr. PraveenArora, Dr. Shubham Sogani, Mr. Ankur Arora and TDI InfrastructureLimited (TDI). NKTP is developing a residential property under thename of Ourania over 5.1 acre of land in Sector-53, Gurgaon. Theproject location is attractive as it is close to Golf Course Road,a prime location in Gurgaon. NKTP has secured the mandatoryapprovals for this and the construction work is in progress. Theproject is expected to be completed by December 2011.

PENVER PRODUCTS: CRISIL Reaffirms 'B' Rating on INR26MM LT Loan---------------------------------------------------------------CRISIL's ratings on the bank facilities of Penver Products Pvt Ltdcontinue to reflect Penver's stretched financial risk profilemarked by high gearing and weak debt protection measures, and itsexposure to risks inherent in the seafood exports industry. Theserating weaknesses are partially offset by the benefits that Penverderives from its promoters' industry experience.

CRISIL believes that Penver will continue to benefit from itsestablished relationships with customers. However, the company'sfinancial risk profile is likely to remain stretched on account oflarge working capital requirements. The outlook may be revised to'Positive' if the company scales up operations substantially,leading to better-than-expected cash accruals and financial riskprofile. Conversely, the outlook may be revised to 'Negative' ifPenver undertakes a large, debt-funded capex programme, leading todeterioration in its capital structure, or if its volumes ormargins decline steeply, resulting in weakening of its financialrisk profile.

About Penver Products

Established in 1997 as a partnership firm by Mr. Philips Thomasand Mr. Papachan Francis, Penver was reconstituted as a privatelimited company in 1998. At present, Mr. Thomas and Mr. VinodKumar are the company's directors. The Kerala-based companyexports seafood such as shrimps, cuttlefish, squid, tuna, andoctopus.

For 2008-09 (refers to financial year, April 1 to March 31),Penver reported a profit after tax (PAT) of INR5.1 million on netsales of INR459.6 million, against a PAT of INR5.7 million on netsales of INR388.4 million for 2007-08.

TATA POWER: Third Quarter Net Profit Up 28% on Low Fuel Costs-------------------------------------------------------------The Tata Power Co. announced its financial results for the quarterended December 31, 2009.

During the quarter ended December 31, 2009, Tata Power's Revenuesstood at INR1,566.51 Crores as compared to INR1,776.87 Crores inthe corresponding quarter last year. This decrease is mainly dueto a change in the fuel mix and reduction in fuel prices in MumbaiLicence Area as compared to the corresponding quarter last year.

During the quarter, sales were marginally up at 3714 MUs ascompared to 3711 MUs in the corresponding period last year. HydroPower Stations generated 328 MUs as compared to 307 MUs in thecorresponding quarter last year. Haldia reported generation of167 MUs as compared to 66 MUs in the corresponding quarter lastyear. PH6 attained full load of 120 MW in December 2009. WindFarms generated 59 MUs as compared to 27 MUs in the correspondingquarter last year.

Profit Before Tax (PBT) for the quarter stood at INR196.27Crores as against INR126.00 Crores, an increase of 56% in thecorresponding period last year.

Profit After Tax (PAT) for the quarter stood at INR147.89Crores as against INR115.08 Crores, an increase of 28% in thecorresponding quarter last year.

During the quarter, the Company's customer base grew to 35,576 andtotal customer additions stood at 7,124. The Company received14,700 applications for changeover customers out of which over6,257 customers have been changed over. The total new customeraddition for the year stood at 9,511. Tata Power - Distributionhas added 20 Circuit Kms. of cable network and 8 Consumer SubStation in this quarter.

Nine Months Results

Tata Power's Revenues stood at INR5303.22 Crores as compared toINR5761.88 Crores in the same period last year. This decrease ismainly due to a change in the fuel mix and reduction in fuelprices in Mumbai Licence Area as compared to the correspondingquarter last year.

During the nine months, operations continue to be robust. Saleswas up by 6% at 11829 MUs, against 11203 MUs in the correspondingperiod last year. Generation was up by 8% at 12157 MUs. HydroPower Stations generated 1039 MUs as compared to 817 MUs in thecorresponding period previous year. The Jojobera Thermal PowerStation recorded a generation of 2262 MUs as compared to 2195 MUsin the corresponding period last year. Haldia reported generationof 410 MUs as compared to 89 MUs in the corresponding period lastyear. Wind Farms generated 266 MUs as compared to 142 MUs in thesame period last year.

Profit Before Tax (PBT) for the period stood at INR978.80 Croresup by 40% as against INR701.55 Crores in the corresponding periodlast year.

Profit After Tax (PAT) for the period stood at INR708.16 Crores upby 25% as against INR567.56 Crores in the corresponding periodlast year.

About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a licensee engaged in generation and supply power to bulkconsumers in the Mumbai metropolitan area. The company operatesfour thermal plants with a combined capacity of 1,350 MW, andthree hydroelectric plants aggregating 447 MW; all of thesesupply power to the Mumbai licence area. The company also has aplant that supplies power to Tata Steel. In addition, TataPower has an 81-MW independent power project at Belgaum thatsells power to Karnataka Power Transmission Corporation Limited.

* * *

Tata Power Company continues to carry Moody's Investors Service's'Ba3' corporate family rating and 'B1' senior unsecured debtrating. The ratings outlook is stable.

TRAVANCORE COCHIN: ICRA Rates INR110MM Bank Facilities at 'LB'--------------------------------------------------------------ICRA has assigned an 'LB' rating to the INR110 million fund basedfacilities of The Travancore Cochin Chemicals Limited. ICRA hasalso assigned an A4 rating to the INR10 million fund based limitsand INR70 million non-fund based limits of TCC.

The ratings are constrained by the company's high cost structurein chlor-alkali operations, the cyclicality inherent in the chlor-alkali industry, expected pressure on profitability of the causticsoda business owing to the weakening of the chlor-alkali pricecycle; vulnerability of profitability to import duty levels andexchange fluctuations; weak financial risk profile ofcharacterized by an adverse capital structure, significantcontingent liabilities and stretched liquidity. However, theratings factor in strengths of the company such as its establishedtrack record in chlor-alkali business; its status as a solecaustic soda manufacturer in Kerala catering to the leadingclients within the State; favorable outlook for chlor-alkaliproducts in the regions operated by the company because ofexpansion by the customers; and significant financial supportarising from its State Government ownership; TCC is the solechlor-alkali manufacturer in Kerala and caters to leadingcustomers in Kerala including Kerala Minerals & Metals Ltd (KMML),Cochin Minerals & Rutile Ltd (CMRL) and Kerala Chemicals &Proteins Ltd (KCPL), Kerala Water Authority, Fertilizers andChemicals Travancore Ltd (FACT), Indian Rare Earths Ltd (IRE),Kochi Refinery of BPCL and Hindustan Newsprint Ltd (HNL).

About Travancore Cochin

The Travancore Cochin Chemicals Ltd is a state level public sectorundertaking owned by Government of Kerala, situated atUdyogamandal, Cochin. The company was originally started asTravancore & Mettur Chemical Co. in 1949 as a partnership betweenFACT and Mettur Chemical & Industrial Corporation Ltd bySeshasayee Brothers with caustic soda production capacityof 20MTPA. In 1960, Government of Travancore Cochin acquired TMCCand it was renamed as Travancore Cochin Chemicals Ltd.

TCC manufactures basic industrial chemicals viz., Caustic Soda andChlorine products. Until July 31, 2005, TCC had two manufacturingunits viz: 100 TPD mercury cell caustic soda plant supplied byUhde GMbH, Germany in 1975 based on mercury cell technology; and125 TPD membrane cell caustic soda plant using technology fromAsahi Glass Co. (AGC) Japan; commissioned in 1997. However,Mercury cell plant had become unviable due to various factorsincluding high power consumption, high operating and maintenancecosts and environmental pollution. Subsequently, it wasdecommissioned in July 2004. To cope with the reduction inproduction capacity, TCC had entered into a contract with UhdeIndia Ltd to commission two 25 TPD units on a turnkey basis. Thefirst 25 TPD unit was commissioned in July 2005 and the secondunit was commissioned in August 2006. Hence, the currentinstalled capacity is 175 TPD.

JAL is referenced globally in one Fitch-rated synthetic CDO out ofa total global universe of 270 corporate synthetic CDOs. Exposureto JAL in these transactions is limited due to a combination ofJAL's speculative credit grade and minimal exposure to high yieldcorporate credits from the Asia-Pacific region within Fitch-ratedsynthetic CDOs. Additionally, the Fitch-rated transaction withJAL exposure is a single-tranche CDO with a distressed rating thatis unlikely to be affected by a loss following JAL's credit eventsettlement, given its exposure to JAL is less than 1%.

Investment-grade ratings on corporate synthetic CDOs are largelyexpected to be stable through 2010. However, further downgradesare expected in lower rating categories. Further defaults orcredit events are expected to erode the thin remaining creditprotection for non-investment-grade tranches, resulting in anincreasing number of 'CCC' and below rated tranches defaulting.

Type of Business: Japan Airlines Corporation --http://www.jal.co.jp/-- is a Japan-based holding company that is active in five business segments through its 225 subsidiaries and 82 associated companies.

JAPAN AIRLINES: Files to Reorganize in Tokyo and NYC----------------------------------------------------Japan Airlines Corp. filed for reorganization January 19 in theTokyo District Court and filed a Chapter 15 petition in New York(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is$28 billion.

Starting October 2009, the Debtors engaged in advanceconsultations regarding possible debt restructuring with theEnterprise Turnaround Initiative Corporation of Japan, a fundestablished to help revive firms with state-guaranteed loans. Indiscussions with ETIC, ultimately it was determined that a court-supervised restructuring would provide the Debtors' the bestopportunity to restructure their debt and return to profitability.

To effectuate this restructuring, the Debtors voluntarily filedfor the commencement of a corporate reorganization proceeding withthe Tokyo District Court under the Corporate Reorganization Act ofJapan on January 19, 2010. In the Japan Proceeding, the Debtorsintend to obtain the approval of the relevant affected creditors,and confirmation by the Tokyo District Court, of a debtrestructuring plan.

To ensure sufficient liquidity to maintain their businesses andsafe flight operations without disruption during the pendency ofthe Japan Proceeding, the Debtors have entered into an agreementpursuant to which ETIC and the Development Bank of Japan havecommitted to provide approximately $5 billion of postpetitionfinancing to effectuate the reorganization.

In addition, JAL filed the petitions for commencement of corporatereorganization proceedings with the Tokyo District Court. TheCourt entered an order commencing the proceedings and appointedETIC and Eiji Katayama, Esq., as reorganization trustees.With respect to the certified alternative dispute resolutionprocedures as prescribed in the Act on Special Measures forRevitalization of Industrial Vitality and Innovation of IndustrialActivities that JAL had begun, the termination of those procedureswas decided by the Japanese Association of TurnaroundProfessionals, a private operator of the Turnaround ADR Procedure,prior to the filing of the petitions for commencement of corporatereorganization proceedings.

The Trustees obtained comprehensive Court approval authorizingJAL's continued payment of certain commercial transaction claims,including payments for fuel and other supplies and services, aswell as leases and other related obligations. Also, JAL will beable to obtain the DIP financing from DBJ and ETIC.

JAL said in a press release that the continuation of group'sflight operations will not be interrupted and our safe flightoperations will be surely performed. IT said that customers'airline tickets and frequent flyer miles will be fully protectedand the frequent flyer program is expected to be continued as ithas been conducted.

To ensure the effective and economic administration of theDebtors' restructuring efforts, the Debtors say they require theprotection afforded to foreign debtors pursuant to chapter 15 ofthe Bankruptcy Code for their valuable assets in the UnitedStates.

The Debtors want the U.S. Court to hold that Japan Proceeding is a"foreign main proceeding" within the meaning of Section 1502(4) ofthe Bankruptcy Code, as each of the Debtors is a Japanese companyhaving a substantial connection to Japan, and having its center ofmain interest in Japan.

The New York court will assist the court in Japan by stoppingcreditor actions in the U.S. The New York court, followinghearings, is expected to enter preliminary and permanentinjunctions against creditor actions in the U.S.

Immediately upon the recognition of a foreign main proceeding, theautomatic stay and selected other provisions of the BankruptcyCode take effect within the United States. The foreignrepresentative is also authorized to operate the debtor's businessin the ordinary course. The U.S. court is authorized to issuepreliminary relief as soon as the petition for recognition isfiled.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan- based holding company that is active in five business segmentsthrough its 225 subsidiaries and 82 associated companies. The AirTransportation segment is engaged in the operation of passengerand cargo planes. The Air Transportation-Related segment isengaged in the transportation of passengers and cargoes, thepreparation of in-flight food catering, the maintenance ofaircraft and land equipment, as well as the fueling business. TheTravel Planning and Marketing segment is involved in the planningand sale of travel packages. The Card and Leasing segment isengaged in the provision of finance, cards and leasing services.The Others segment is involved in businesses related to hotels,resorts, logistics, wholesale, retail, real estate, printing,construction, manpower dispatch, as well as information andcommunication. The Company has numerous global operatinglocations.

As reported in the Troubled Company Reporter-Asia Pacific onDecember 4, 2009, Standard & Poor's Ratings Services lowered to'SD' (selective default) from 'CC' its long-term corporate creditratings on Japan Airlines Corp. and Japan Airlines InternationalCo. Ltd., its wholly owned subsidiary, and removed the ratingsfrom CreditWatch. At the same time, Standard & Poor's maintainedits senior unsecured debt ratings on both companies at 'CCC' andkept the ratings on CreditWatch with developing implications. OnSept. 18, 2009, S&P placed the corporate credit and seniorunsecured debt ratings on both companies on CreditWatch withnegative implications and maintained the CreditWatch status onOct. 16, 2009, and Nov. 4, 2009. On Nov. 13, 2009, S&P maintainedits CreditWatch status on the corporate ratings on both companiesand revised to developing its CreditWatch status on the seniorunsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's InvestorsService downgraded the long-term debt rating and issuer rating ofJapan Airlines International Co., Ltd. to Caa1 from B1, and willcontinue to review both ratings for further possible downgrade.

JAPAN AIRLINES: S&P Changes Corporate Credit Rating to 'D'----------------------------------------------------------Standard & Poor's Ratings Services revised to 'D' from 'SD' itslong-term corporate credit ratings on Japan Airlines Corp. andJapan Airlines International Co. Ltd., JAL's wholly ownedsubsidiary. Standard & Poor's also lowered its senior unsecureddebt ratings on the companies to 'D' from 'CC' and removed theratings from CreditWatch, where they were placed with negativeimplications on Jan. 13, 2010. These rating actions follow thefiling by the companies with the Tokyo District Court under theCorporate Reorganization Act. The debt ratings were placed onCreditWatch with negative implications on Sept. 18, 2009, and theplacement was maintained after downgrades on Oct. 16 and Nov. 4.On Nov. 13, 2009, the ratings were lowered again and placed onCreditWatch, this time with developing implications. On Jan. 13,2010, the ratings were lowered, and the CreditWatch status wasrevised to negative. The debt issued by JAL is guaranteed byJapan Airlines International.

JAL will likely finalize its reorganization plan in about sixmonths, with the full support of the Enterprise TurnaroundInitiative Corporation of Japan. When JAL's reorganization planis approved, Standard & Poor's will review its ratings on bothcompanies based on the group's debt servicing ability. As part ofthis process Standard & Poor's will closely examine passengerrevenue projections, the feasibility of plans to reduce personnelnumbers, fuel and other costs, and financing plans.

JAPAN AIRLINES: Sojitz Writes Off JPY15-Bil. Investment-------------------------------------------------------Patrick Rial and Ichiro Suzuki at Bloomberg News report thatSojitz Corp., a Japanese trading company, wrote off a JPY15billion (US$165 million) investment in Japan Airlines Corp.,becoming the first of 14 partner companies to take a charge ontheir preferred stock in the bankrupt carrier.

Citing Sojitz's statement distributed through the Tokyo StockExchange yesterday, Bloomberg says the Tokyo-based trading companyis assessing the effect of the loss on its earnings.

According to Bloomberg, Japan Airlines received a total ofJPY151.5 billion in February 2008 from affiliated trading houses,banks and energy companies, including Sojitz, Mizuho FinancialGroup Inc. and Mitsui & Co., to help shore up finances. Bloombergsays the writeoff by Sojitz represents more than half itsprojected net income of JPY27 billion for the year endingMarch 31.

According to the report, the people said the Enterprise TurnaroundInitiative Corp. of Japan may appoint Nomura and Deutsche'sinvestment banking units to help return the Japan's biggestcarrier to profitability.

JAL filed for bankruptcy protection from creditors at TokyoDistrict Court on January 19, 2010, with JPY2.32 trillion inliabilities.

About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan- based holding company that is active in five business segmentsthrough its 225 subsidiaries and 82 associated companies. The AirTransportation segment is engaged in the operation of passengerand cargo planes. The Air Transportation-Related segment isengaged in the transportation of passengers and cargoes, thepreparation of in-flight food catering, the maintenance ofaircraft and land equipment, as well as the fueling business. TheTravel Planning and Marketing segment is involved in the planningand sale of travel packages. The Card and Leasing segment isengaged in the provision of finance, cards and leasing services.The Others segment is involved in businesses related to hotels,resorts, logistics, wholesale, retail, real estate, printing,construction, manpower dispatch, as well as information andcommunication. The Company has numerous global operatinglocations.

KIA MOTORS: Reaches Tentative Wage Deal with Workers----------------------------------------------------Yonhap News reports that Kia Motors Corp. and its unionizedworkers have reached a tentative wage deal, a last-minuteagreement that would avert a full-scale strike at South Korea'ssecond-largest automaker.

Under the tentative deal, subject to approval by ordinaryunionists in a vote later, the management agreed to pay a specialbonus worth 300 percent of employees' basic monthly pay and a cashbonus of KRW5 million, Yonhap says.

Yonhap relates company officials said unionized workers canceledtheir plan to stage a full-scale strike and returned to work lateTuesday night, after agreeing to the deal. The vote to approvethe wage deal is scheduled to be held today, January 21, theyadded.

As reported in the Troubled Company Reporter-Asia Pacific onJanuary 11, 2010, Kia Motors' unionized workers staged a partialstrike to protest the management's wage proposal. About 28,000workers at Kia laid down their tools for four hours a day startingon January 11 at the company's three domestic plants.

Yonhap said the union was demanding Kia pay a hefty bonus andother one-time payouts received by Hyundai workers.

Citing media reports, Yonhap said Kia offered to pay a 300% bonusplus a one-time payout of KRW4.6 million in return for freezingwages for 2010, but the union refused the offer.

About Kia Motors

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a Korea-based automobile manufacturer. The Company provides itsproducts under three categories: sport utility vehicles (SUVs) andmultipurpose vehicles (MPVs), passenger vehicles and commercialvehicles. Its SUVs and MPVs include leisure vehicles under thebrand name Carens, Carnival, Sportage, Mohave and Sorento. Itspassenger vehicles include passenger cars under the brand nameSoul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.Its commercial vehicles include trucks and buses. The Companyalso offers concept vehicles and automobile parts. The Company'sproducts are distributed in both domestic and overseas markets.

* * *

The Troubled Company Reporter-Asia Pacific reported on April 23,2009, that Moody's Investors Service downgraded Kia Motors Corp'sissuer rating to Ba1 from Baa3 and withdrawn the rating. At thesame time, Moody's has assigned a Ba1 Corporate Family Rating toKMC. The rating outlook is negative. This concludes Moody'sreview for downgrade initiated on January 21, 2009.

Profit After Tax (PAT) for the quarter stood at INR147.89 Croresas against INR115.08 Crores, an increase of 28% in thecorresponding quarter last year.

KUMHO ASIANA: Lays Off 30% Executive Staff------------------------------------------Kumho Asiana Group said it has reduced the number of itsexecutives by 30% to show its willingness to implement strongreforms that will help it resolve liquidity woes, Yonhap Newsreports.

Yonhap relates that Kumho Asiana dismissed seven presidents at itsaffiliates on Tuesday. The job cuts have lowered the number ofexecutives at the group to 159 from 228, it said.

The reduction is 10 percentage points higher than the 20% cutenvisioned under a self-rescue program announced by the group onJanuary 5, Yonhap says.

As reported in the Troubled Company Reporter-Asia Pacific onJanuary 7, 2010, Yonhap News said creditor banks of KumhoIndustrial agreed to freeze debt repayments by the builder forthree months. During the period, the creditors will come up witha plan to put Kumho Industrial back on track after a due diligenceis conducted on the builder. According to Yonhap, Woori Bank saidKumho Industrial will be required to carry out a self-rescue planthat includes the sale of non-core assets and cost-cutting effortsin return for the three-month debt freeze. The creditors plan toprovide fresh loans to Kumho Industrial to help revive the companyas soon as possible, Yonhap added.

According to Bloomberg data, the group's net debt was KRW2.21trillion as of September 30, 2009 -- more than double the KRW998.5billion it had at the end of 2005 before Kumho Asiana bought 72%of Daewoo Engineering for KRW6.43 trillion. Kumho Tire's net debtstood at KRW1.71 trillion at the end of September 2009.

About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Koreanconglomerate, with subsidiaries in the automotive, industry,leisure, logistic, chemical and airline fields. The group isheadquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,Jongno-gu, Seoul, South Korea.

SSANGYONG MOTOR: Hires Two Former Hyundai Executives----------------------------------------------------Ssangyong Motor Co. said it has hired two former executives ofHyundai Motor Co. as part of efforts to revitalize its troubledbusiness and ensure the company's survival, according to YonhapNews.

Choi Johng-sik, who served as executive vice president ofHyundai's U.S. unit, will be in charge of Ssangyong's globalmarketing division, Yonhap says. Lee Jae-wan, former chief ofHyundai's product development, will serve in the same position atSsangyong.

According to the news agency, company officials said that the twoformer executives of Hyundai will be responsible for marketing andsales of Ssangyong's new crossover vehicle C200. "We expect thetwo executives to play a big role in normalizing the company'smanagement," an official at Ssangyong was quoted by Yonhap assaying.

As reported in the Troubled Company Reporter-Asia Pacific onJan. 12, 2009, Ssangyong Motor Co. filed for receivership with theSeoul Central District Court to stave off a complete collapse. InFebruary, the Seoul Central District Court accepted Ssangyong'sapplication to rehabilitate under court protection. The courtnamed former Hyundai Motor Co. executive Lee Yoo-il and Ssangyongexecutive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitteda revival plans to the Seoul Central District Court seekingcapital reduction and a debt-for-equity swap by creditors.

A South Korean bankruptcy court approved in December SsangyongMotor's restructuring plan despite opposition by some bondholders,the TCR-AP reported on Dec. 18, 2009.

Yonhap News said Ssangyong vowed to get itself in order over thenext three years.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles primarily engaged in production of sports utility vehicles (SUVs)and recreational vehicles (RVs). The company's production isgrouped into four lines: SUVs under brand names REXTON, KYRON andACTYON; sports utility trucks (SUTs) under the brand name ACTYONSports; passenger cars under brand name Chairman, and multi-purpose vehicles (MPVs) under the brand name Rodius. It alsoprovides automobile parts such as coolers, diesel engines andothers.

===============M A L A Y S I A===============

EKRAN BERHAD: Bursa to Delist Securities on January 28------------------------------------------------------The Bursa Malaysia Securities Berhad will delist the securities ofEkran Berhad on January 28, 2010, after the company failed tosubmit its regularization plan by the December 4, 2009 deadline.Bursa Malaysia has also rejected the company's application forfurther extension of time.

The Company's securities may remain deposited with BursaDepository notwithstanding the de-listing of the securities fromthe Official List of Bursa Securities. It is not mandatory forthe securities of a company which has been de-listed to bewithdrawn from Bursa Depository.

Alternatively, the Company's shareholders who intend to hold theirsecurities in the form of physical certificates can withdraw thesesecurities from their Central Depository System (CDS) accountswith Bursa Depository, at anytime after the securities of thecompany are de-listed from the Official List of Bursa Securities.This can be effected by the shareholders submitting an applicationform for withdrawal in accordance with the procedures prescribedby Bursa Depository.

Upon the de-listing, the Company will continue to exist but as anunlisted entity. The Company will still continue its operationsand business and proceed with the company?s corporaterestructuring and its shareholders can still be rewarded by theCompany?s performance. However, the shareholders will be holdingshares which are no longer quoted and traded on Bursa Securities.

About Ekran Berhad

Ekran Berhad is a Malaysian company engaged in investment holdingand the provision of management services to its subsidiarycompanies. Through its subsidiaries, the company is engaged inproperty development; the provision of property managementservices; timber logging and saw milling; the sale of timberproducts, and the operation of oil palm plantations. Thecompany's operations are mainly concentrated in Malaysia, Chinaand the Philippines.

* * *

Ekran has been classified as an affected listed issuer underAmended Practice Note 17, when auditors expressed a disclaimeropinion on the company's audited financial report for thefinancial year ended June 30, 2005, and for defaulting on variouscredit facilities.

RHYTHM CONSOLIDATED: Bourse to Suspend Securities on January 28---------------------------------------------------------------The Bursa Malaysia Securities Berhad has rejected RhythmConsolidated Berhad's application for an extension of time tosubmit plan to regularize its financial conditions to the relevantauthorities for approval. Thus, the trading of the securities ofRhythm will be suspended starting January 28, 2010.

The Company intends to submit an appeal to Bursa Securities forreconsideration.

Based in Malaysia, Rhythm Consolidated Bhd is an investmentholding company. The Company operates in five business segments:publishing, trading and distribution of books, paper stationery,printing paper and instruction manuals; manufacturing of musicbooks, novels, educational books and paper stationery; import,wholesale and retail of paper products; marketing of diaries,organizers, leather and polyvinyl chloride (PVC) folders, wallets,bags, rain coats and others, and information and communicationtechnology, which includes credit cards terminal development andsolutions, and system application developer and system support.During the fiscal year ended June 30, 2007 (fiscal 2007), theCompany acquired an additional 15% of interest in its associatedcompany namely, Rhythm ICT Services Sdn. Bhd., formerly known asIQ Card Services Sdn Bhd, (ICT). As a result, the Company owns55% interest in ICT, and ICT became a subsidiary of the Company.

* * *

As reported in the Troubled Company Reporter-Asia Pacific onMay 1, 2009, Rhythm Consolidated Berhad was considered as anAffected Listed Issuer under Practice Note No. 17/2005 of theBursa Malaysia Securities Berhad as the company was unable toprovide a solvency declaration to Bursa as per the announcement ofdefault in payment by Monosetia Sdn Bhd.

TRIPLC BERHAD: Earns MYR250,000 in Quarter Ended November 30------------------------------------------------------------Triplc Bhd posted a net profit of MYR250,000 on MYR39.75 millionof revenues in the second quarter ended Nov. 30, 2009, comparedwith a net profit of MYR1.30 million on MYR64.59 million ofrevenues in the same period in 2008.

As of Nov. 30, 2009, Triplc Bhd's unaudited balance sheet showedtotal assets of MYR271.03 million and total liabilities ofMYR237.42 million. Shareholders' equity in the company totaledMYR33.61 million.

Triplc Bhd's balance sheet as at Nov. 30, 2009, also showedstrained liquidity with current assets of MYR165.84 million,available to pay current liabilities of MYR220.74 million.

About TRIPLC

TRIPLC Berhad operates in four segments: property development,which is engaged in the development of residential andcommercial properties; property construction, which is involvedin the construction of commercial properties; manufacturing andtrading, engaged in the manufacturing and trading of plywood,blockboard and timber products, and others, which is engaged ininvestment holding and investment of property.

On May 8, 2006, the company was classified as an affected listedissuer of the Amended Practice Note 17 category of the BursaMalaysia Securities Bhd. Accordingly, as stipulated in thelisting requirements of the bourse, the company is required tosubmit a regularization plan to relevant authorities which isaimed at stabilizing the company's financial condition.

====================N E W Z E A L A N D====================

BOTRY-ZEN LTD: Local, Foreign Buyers Eye Botry-Zen--------------------------------------------------The National Business Review reports that several parties, bothfrom New Zealand and abroad, are interested in buying Botry-ZenLtd.

NBR says the receivers WHK won't say who but hope to issue aninformation memorandum by the end of January to those partiesinterested in buying Botry Zen as a going concern.

According to the report, WHK principal Matt Taylor said it wasworking with several parties and the product had a lot of support.

"We're certainly getting positive feedback from customers," Mr.Taylor told NBR. "We have continued to trade and have the BotryZen product in the market, we're selling and keeping customershappy while we work through the detail."

Receivers would have a better idea by mid-February of Botry Zen'sdebt and unsecured creditors, Mr. Taylor added.

Detailed discussions were also underway with several interestedparties in Europe, the report says.

As reported in the Troubled Company Reporter-Asia Pacific onDecember 28, 2009, Botry-Zen Ltd. has requested its bankers, Bankof New Zealand Limited, to appoint receivers. The move comesafter the company failed to raise a minimum of NZ$1.5 millionunder the Share Purchase Plan offering and other fundingopportunities.

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --http://www.botryzen.co.nz/-- is engaged in the research, development and commercialization of biological control agentsfor use in the agriculture and horticulture industry. Thecompany operates in New Zealand, and is engaged in theproduction and marketing for sale of the BOTRY-Zen product.BOTRY-Zen is a live spore preparation of a non-pathogenicsaprophytic fungus.

GLOBAL BULBS: Talks on Asset Sale Ongoing-----------------------------------------Negotiations for the sale of Global Bulbs' assets were under waybut whatever the sale realizes would fall well short of what wasowed to secured creditors, The Southland Times reports citingcompany receiver Peter Heenan.

As reported in the Troubled Company Reporter-Asia Pacific onOctober 15, 2009, West Otago-based horticulture company GlobalBulbs Ltd. was placed in court-ordered liquidation.

The company, owned by Gore accountant Alan MacDonald, of MacDonaldPearce Perniskie, and Roy Smak, has been operating from theTapanui site of Tulip International Ltd., which went intoreceivership in 2004 owing about NZ$3.6 million.

PricewaterhouseCoopers' liquidator Malcolm Hollis said GlobalBulbs had bought the business and assets of Tulip International.

The Southland Times says Global Bulbs was put into receivershiptwo months later by Tulip International, a secured creditor.

Citing liquidators' report, the Times discloses that TulipInternational was one of three secured creditors who were owed atotal of $432,499. Global Bulbs also owed $818,826 to unsecuredcreditors, the Times says.

According to the Times, Mr. Heenan, of WHK, said TulipInternational placed Global Bulbs into receivership to realizewhat it can from its interests.

The Times relates Mr. Heenan hoped to complete sale negotiationswithin a week or two. Assets included property, plant andequipment and bulbs in the ground, he said.

Global Bulbs Limited -- http://www.globalbulbs.co.nz/--is a wholesale/retail cut flower and bulb enterprise located in WestOtago in the South of the South Island of New Zealand.

=====================P H I L I P P I N E S=====================

BENGUET CORP: Losses Right to Develop Kingking Copper-Gold Project------------------------------------------------------------------BusinessWorld Online reports that Benguet Corp. has lost the rightto complete the Kingking copper-gold project in Southern Mindanaogiven the lack of project development in the past 12 years.

Kingking, located in Pantukan town, Compostela Valley, hasreserves of about 353 million metric tons (MT) of ore containing0.385% copper grade and 0.439 grams of gold per MT. It is one ofthe priority mining projects of the government, which is aiming toraise $11 billion in mining investments by 2013.

According to the report, Reymond H. Ricafort, financial consultantof Nadecor, said the firm would invest US$43.5 million to completethe exploration and feasibility study and US$1.3 billion to startcommercial operations.

Reynaldo P. Mendoza, vice-president for finance and corporatesecretary of Benguet, told BusinessWorld in a phone interview thatBenguet remains the operator of the project. "There is no mentionthat we are no longer the partner. The operating agreement ismaintained," he said.

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raisedsignificant doubt on Benguet Corporation's ability to continue asa going concern saying that the group has incurred cumulativelosses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,respectively, which resulted to a capital deficiency of PHP1.6billion and PHP1.3 billion as of December 31, 2008, and 2007,respectively. The Group's current liabilities exceeded itscurrent assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,2008 and 2007, respectively. In addition, the Group was unable topay its maturing bank loans and related interests of PHP3.6billion and PHP3.1 billion as of December 31, 2008 and 2007,respectively.

UNIWIDE HOLDINGS: Technically Insolvent; SEC Rules Out Revival--------------------------------------------------------------The Securities and Exchange Commission has ruled out reviving theUniwide Sales Group of Companies, saying its rehabilitation planwas not feasible, and that the company could no longer meet debtobligations, GMANews.TV reports.

"There are ample grounds to show that [Uniwide is] now insolventand we are fully persuaded that the petitioners' enterprise can nolonger be revived," the report cited a SEC resolution.

According to the report, the SEC said the group was now"technically insolvent." It noted that over the past decade,changes in strategies to make the company profitable again havefailed, resulting in gargantuan losses.

About Uniwide Holdings Inc.

Uniwide Holdings Inc. (UW) was incorporated on September 15,1994 primarily to engage in the business of investment by way ofacquisition, transfer, exchange or disposal of real or personalproperty. The company started commercial operations on July 1,1995. UW was established to act as the franchisor of theretail/wholesale stores that trade under the name Uniwide Sales,and to consolidate the real estate interests of the Gow Family.The company is currently the franchisor of five Uniwide SalesWarehouse Clubs and one Uniwide Sales Department Store.

Uniwide filed for rehabilitation in June 1999, and theSecurities and Exchange Commission approved its rehabilitationplan in 2000. Under the plan, the Company will convert 50% ofits unsecured debt into 15-year convertible notes redeemableanytime at its convenience, while the remaining 50% would berestructured into a 10-year loan with 0% interest and a 3-yeargrace period; payment will begin on the fourth year.

At that time, it still had eight warehouse clubs and twodepartment stores with total assets of PHP19.864 billion andliabilities worth PHP11.101 billion, according to GMANews.TV.By the end of 2008, Uniwide was operating only five warehouseclubs and a department store. At the end of September 2009, thegroup's assets stood at PHP2.726 billion, while liabilitiesfurther increased to PHP12.292 billion.

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Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore than a balance sheet solvency test.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the samefirm for the term of the initial subscription or balancethereof are US$25 each. For subscription information, contactChristopher Beard at 240/629-3300.